Irish tech firms await news of their deposits following SVB collapse

Department of Finance says it is monitoring developments as a buyer is sought for the bank

Silicon Valley Bank was a lender to some Irish companies since 2012.

A number of Irish tech firms are awaiting news of the sale of the Silicon Valley Bank (SVB) in the US following the rapid collapse of the lender and investor which did significant business with Irish startups.

SVB collapsed into receivership on Friday, after its long-established customer base of tech startups grew concerned and began withdrawing deposits. US regulators overseeing the emergency breakup of the group are now racing to sell assets to make a portion of clients’ uninsured deposits available as soon as today (Monday). Receivers have also kicked off an auction process over the weekend seeking a buyer for the bank.